Genius Sports (NYSE:GENI) Shares Down 7.5% - Here's Why

Genius Sports Limited (NYSE:GENI - Get Free Report)'s stock price fell 7.5% during trading on Friday . The stock traded as low as $9.76 and last traded at $9.69. 4,379,257 shares were traded during mid-day trading, an increase of 42% from the average session volume of 3,077,377 shares. The stock had previously closed at $10.47.

Analyst Ratings Changes

Several research firms have commented on GENI. BTIG Research upped their price target on shares of Genius Sports from $11.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday, April 22nd. B. Riley reaffirmed a "buy" rating on shares of Genius Sports in a report on Wednesday, May 7th. Needham & Company LLC reaffirmed a "buy" rating and issued a $13.00 price target on shares of Genius Sports in a report on Thursday. Guggenheim began coverage on shares of Genius Sports in a report on Tuesday, March 18th. They issued a "buy" rating and a $12.00 price target on the stock. Finally, Craig Hallum set a $15.00 price objective on shares of Genius Sports in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $12.19.

Genius Sports Trading Up 1.3%

The firm's 50-day moving average is $10.07 and its two-hundred day moving average is $9.53. The stock has a market cap of $2.13 billion, a price-to-earnings ratio of -30.95 and a beta of 1.87.

Genius Sports (NYSE:GENI - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. Genius Sports had a negative net margin of 15.84% and a negative return on equity of 14.11%. The firm had revenue of $143.99 million during the quarter, compared to the consensus estimate of $143.31 million. During the same quarter in the prior year, the firm earned ($0.11) EPS. The company's revenue for the quarter was up 20.3% on a year-over-year basis. On average, analysts predict that Genius Sports Limited will post -0.1 earnings per share for the current year.

Genius Sports announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 6th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 4.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Institutional Trading of Genius Sports

Large investors have recently bought and sold shares of the business. Quarry LP purchased a new stake in Genius Sports during the 1st quarter valued at about $37,000. Pacer Advisors Inc. grew its stake in Genius Sports by 61.5% during the 1st quarter. Pacer Advisors Inc. now owns 3,754 shares of the company's stock valued at $38,000 after acquiring an additional 1,430 shares in the last quarter. Emerald Mutual Fund Advisers Trust purchased a new stake in Genius Sports during the 4th quarter valued at about $58,000. Steward Partners Investment Advisory LLC grew its stake in Genius Sports by 39.2% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 12,182 shares of the company's stock valued at $105,000 after acquiring an additional 3,429 shares in the last quarter. Finally, Park National Corp OH purchased a new stake in Genius Sports during the 1st quarter valued at about $107,000. Hedge funds and other institutional investors own 81.91% of the company's stock.

About Genius Sports

Genius Sports Limited engages in the development and sale of technology-led products and services to the sports, sports betting, and sports media industries. It offers technology infrastructure for the collection, integration, and distribution of live data of sports leagues; streaming solutions comprising technology, automatic production, and distribution for sports to commercialize video footage of their games; and end-to-end integrity services to sports leagues, such as full-time active monitoring technology, which uses mathematical algorithms to identify and flag suspicious betting activity in global betting markets, as well as a full suite of online and offline educational and consultancy services.